Hyundai Motor's Q2 Earnings Miss Forecast; KB Securities Cuts Target Price to 900K KRW

According to Financial News on July 21, Hyundai Motor's second-quarter earnings are expected to fall short of market forecasts due to component supply disruptions and overseas factory production halts. KB Securities downgraded its price target from 1.2 million KRW to 900,000 KRW (a 25% cut) but maintained a buy rating, citing the company's long-term growth potential in humanoid robots and autonomous driving.

Separately, Korean Tire and Technology saw its target price raised to 120,000 KRW by Meritz Securities, the highest forecast among major brokerages, as it expands its BEV-dedicated tire brand iON globally. The firm's BEV tire share in original equipment sales is projected to reach 33% this year, up from 5% in 2021, positioning it to benefit as battery electric vehicles grow from 6% to 20% of global passenger vehicle sales.